Four Financial Mistakes for Women to Avoid During Divorce

In addition to being emotionally difficult, a divorce can also be financially damaging for both parties involved.  In many cases, however, women specifically end up facing long term financial difficulties because of mistakes that were made during the divorce process. If you are currently involved in a dissolution of marriage, it is vital to avoid costly divorce mistakes by understanding the specific statutory protections available to you under Florida law.

When married, most couples have life insurance on the primary breadwinner to ensure the spouse and children are taken care of in the event that they pass away unexpectedly.  In a divorce, women often get child support and sometimes alimony, but frequently do not require that life insurance be held on their ex.  If you make this mistake and your ex passes away, you may be left in a very difficult financial situation with nowhere to turn. Since term life insurance is very inexpensive, it can often be added to a settlement without a problem.

Underestimating Financial Needs

When analyzing your financial situation during a divorce it can be very easy to overlook key expenses that you will have to pay after the divorce is final. It can also help to review calculating spousal support in Florida so you have a clearer understanding of how support payments may affect your post-divorce budget. Things like rent, taxes, health care and more all need to be accurately estimated. It is equally important to understand how much you may owe in child support based on current income and time-sharing arrangements before finalizing any agreement.

Sadly, many women don’t have a good estimate on how much they will need to pay all their bills, and find themselves struggling to make ends meet after the divorce is completed.

Trading Financial Settlements

One of the most common mistakes is trading away long-term assets to speed up the process. Before you sign any agreement, you should seek Florida divorce lawyer help to ensure your property division and asset distribution strategy protects your future.

Thinking they can file for more later

A similar issue is that women will be willing to agree to a lower amount for child support, alimony or other payments thinking that they can file to have it raised down the road if necessary.  The reality is, filing for an increase is not nearly as easy as most people expect and unless the income for the parties changes you may not be entitled to an increase.  Getting a fair settlement up front is essential for your long term financial health.

If you are going through a divorce, or think you may be soon, give us a call today and let’s talk about your situation and your needs.